During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise sold is P76,240. What is the amount of the gross profit?Required to answer.

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of…

A: a. Calculate gross profit: Gross profit = Sales - Cost of goods sold Gross profit = $11,750,000 -…

Q: Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying…

A: The ratio analysis helps to analyze the financial statements if the business.

Q: ABC Company sold goods worth $58000 On credit; Cost of merchandise sold is $ 22000; Pass all the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: e balance is P

A: Introduction Net Income: Total revenue less all other expenditures and costs (including any other…

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: GIVEN: Sales  P364,000 Purchases P252000                                     Freight-in, P11,000…

Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe…

A: Gross Profit:   Gross profit represents the revenue after the deduction of cost of goods sold from…

Q: Using the following information, what is the amount of gross profit? Purchases $32,000 Selling…

A: Given that, Purchases = $32,000  Beginning merchandise inventory = $5,700 Ending merchandise…

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: Solution 1: Net purchases = Purchases + Freight in - Purchase discount - Purchase returns = P252,000…

Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…

A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: 0,000. The cost of the goods sold is $4,698,000. a.  What is the amount of the gross profit? $

A: a) Amount of gross profit= Sales - Cost of goods sold= $8,100,000 - $4,698,000= $3,402,000

Q: The records of a business show the following information: Sales, P724,200; Sales discounts, P10,000;…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: For the fiscal year, sales were $191,350,000 and the cost of merchandise sold was $114,800,000.a.…

A: a.Calculate the amount of gross profit.

Q: During the current year, merchandise is sold for 86,000 cash and 93,950 on account. The cost of the…

A: Sale means when the goods are sold to an outsider . Cost means the amount which is paid by business…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit:Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: What is the amount of gross profit?

A: Given information is: During the current year, the merchandise is sold for 45,870, 000. The cost of…

Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: Kingbird, Inc. purchased merchandise inventory with an invoice price of $13100 and credit terms of…

A: Given,  Invoice price = $13,100 Terms = 2/10, n/30

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…

Q: During the current year merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500

Q: During the current year, merchandise is sold for $98,300 cash and $644,900 on account. The cost of…

A: Calculate the amount of net sales.

Q: The cost of merchandise sold for Patterson Corporation for a recent year was $8,629 million. The…

A: Total purchases = Cost of goods sold + Ending merchandise Inventory balance - Beginning merchandise…

Q: The following information is available for Ace Company for 2021:                   Disbursements…

A: COGS termed as Cost of goods sold means the cost which is directly related to the producing goods…

Q: Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of…

A: Income Statement: Income Statement is the part of the financial statement which is prepared to…

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Net Income is the measure of profitability of the business. This is calculated by deducting all type…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: The cost of goods sold     was computed at P12,250. Total sales for the year were P42,950, of which…

A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…

Q: A company reported the following data for the year ending 2018: Description Amount Sales Sales…

A: Gross profit is a profit that a company makes after deducting the cost associated with making and…

Q: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: What was the amount of Best Buy’s cost of merchandise sold

A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…

Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Gross margin is computed as Net sales minus cost of goods sold.

Q: The following data were taken from the financial statements of Tokyo Corporation: Annual Sales -…

A: Inventory is part of current assets as it can be converted into cash in a short time period.…

Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution:- Calculation of Net income as follows under:- Note:- Calculation of net sales =Sales -…

Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Net profit is the difference between gross profit and expenses. Gross profit is the difference…

Q: During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost…

A: Gross profit refers to that part of the profit of the company that it makes after subtracting the…

Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…

A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…

Q: During the current year, merchandise is sold for $714000. The cost of the merchandise sold is…

A: Gross profit = Sales - Cost of merchandise sold

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Q: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…

A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…